8-K - Kirby Corporation | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Kirby Corporation entered into an amended and restated $750 million revolving credit agreement on March 26, 2026, extending its maturity to 2031 and borrowing $200 million, of which $20 million was repaid before the filing.

Key Takeaways

1Kirby replaced its 2027 credit agreement with a new $750 million revolving facility maturing March 26, 2031, removing the previous term loan.

2The company borrowed $200 million under the new facility, using proceeds to refinance existing debt, fund vessel equipment acquisition, and support share repurchases, then repaid $20 million before filing.

3Interest rates on borrowings are based on SOFR or a base rate plus a margin ranging from 87.5 to 150 basis points for SOFR loans, depending on Kirby's credit rating.

4The agreement includes financial covenants requiring an interest coverage ratio of at least 2.5 to 1.0 and a debt to capitalization ratio not exceeding 60%.

5Kirby has an option to increase the revolving credit facility and add term loan commitments by up to an aggregate additional $500 million, subject to lender consent.

Current Report Details

Event Type

Material Agreement

Financing

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

. Item 9.01. Financial Statements and Exhibits (d) Exhibits EXHIBIT INDEX Exhibit Number: 10.1* | Description of Exhibit: Amended and Restated Credit Agreement

Material Agreement

Source Document

2.03

. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. On March 26, 2026, Kirby borrowed $200 mill

Financing

Transaction Details

Material Agreement

Agreement: Amended and Restated Credit Agreement (the "2031 Credit Agreement")
Parties: Kirby Corporation, JPMorgan Chase Bank, N.A. (as administrative agent), certain lenders and issuing banks

•Amends and restates existing credit agreement dated July 29, 2022
•Revolving credit facility commitments increased to $750 million
•Term loan credit facility removed
•Maturity date is March 26, 2031
•Option to increase revolving credit facility commitments and add term loan commitments up to an aggregate additional $500 million
•Interest rate based on SOFR or base rate plus margin
•Commitment fee on unused available credit ranges from 7 to 20 basis points
•Maturity date may be extended for up to two additional one-year periods with consent
•Contains customary provisions regarding permitted uses, events of default, and covenants
•Includes maintenance of interest coverage ratio of no less than 2.5 to 1.0
•Includes maintenance of debt to capitalization of no more than or equal to 60%

Debt / Financing

Instrument: Revolving credit facility
Principal: 200000000
Rate: SOFR or base rate plus margin ranging from 87.5 to 150 basis points for SOFR loans and 0 to 50 basis points for base rate loans based on credit rating
Maturity: 2031-03-26
Use of Proceeds: Refinance outstanding indebtedness under the 2027 Credit AgreementFund acquisition of vessel equipmentSupport share repurchase activity

Exhibits (2)

10.1

EX-10.1

8-K